What is the impact of market-specific news on electricity prices?

This research paper studies the impact of market specific news, called urgent market messages, on the price differences between the day-ahead market, Elspot, and the intra-day market, Elbas, on the Nordic power exchange. A large part of the price differences can be explained by relevant information reaching the market after gate closure of Elspot at noon, but arriving in time to affect Elbas prices. For example, as much as 92% of the price differences can be explained by information about capacity problems in coal-fired power plants.